Changes are afoot on the international retailing scene, according to two new reports discussing the future of the global supermarket and grocery sectors, and while those changes look positive they’re set to focus traders’ attention to the east.
A reshuffling of the world’s top grocery markets is set to take place by 2014, predicted data from researcher International Grocery Distribution (IGD).
The company’s 10 for 2010 research, which outlines 10 key themes in the grocery industry for the next year, predicts China will become the largest global grocery market by 2014, with sector worth growing from €529bn to €761bn.
The US is forecast to come a close second at €745bn, with India and Japan following with €448bn and €360bn respectively.
China’s potential rise is attributed to economic growth rates that shrugged off the financial crisis, along with increasing levels of consumer spending.
Global supermarket revenues from food, meanwhile, are expected to hit US$1.74tr by 2015, according to a new report from US-based market researcher Global Industry Analysts (GIA).
While the financial crisis has slowed supermarket growth, GIA’s Supermarkets: A Global Strategic Business Report stated the economic situation was driving consumers to eat at home, with a concurrent rise in semi-prepared food sales in supermarkets.
The report pointed out promising supermarket growth potential in India, South Korea, China and Indonesia, and that discount supermarkets were commanding an increasing share of the market.
“Consumers are presently spending lesser, more judiciously and are seeking greater value for money,” the report said.
“Although the current global recession throws a temporary dampener on growth patterns, a recovery in the financial scenario in the immediate future will push the market’s growth fundamentals back into the fore.”
